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Overview

Agricultural Bank of China provides EUR 460 million loan to CNPC-AktobeMunaiGaz for unspecified purposes

Commitments (Constant USD, 2023)$539,315,407
Commitment Year•2020Country of Activity•KazakhstanDirect Recipient Country of Incorporation•KazakhstanSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 10, 2020
Last repayment (originally scheduled)
Apr 9, 2025

Geospatial footprint

Map overview

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Agricultural Bank of China provides a loan to CNPC-AktobeMunaiGaz, whose corporate office is located in Aktobe, Kazakhstan. More detailed locational information can be found at https://www.openstreetmap.org/way/249327557 or https://goo.gl/maps/uEh35jupJkTPWxeT6.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Agricultural Bank of China (ABC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • CNPC AktobeMunaiGas JSC (CNPC AMG)

Loan description

Agricultural Bank of China provides EUR 460 million loan to CNPC-AktobeMunaiGaz for unspecified purposes

Grant element•17.7454%Interest rate (t₀)•1.23%Interest type•Variable Interest RateLoan tenor•3-month rateMaturity•5 years

Narrative

Full Description

Project narrative

On April 10, 2020, Agricultural Bank of China and CNPC-AktobeMunaiGaz JSC (CNPC AMG) — a special purpose vehicle and joint venture of CNPC and AktobeMunaiGaz (a Kazakh state-owned oil company) that develops hydrocarbon deposits in the Aktobe region in western Kazakhstan — signed an EUR 460 million loan agreement for unspecified purposes. The loan carried an interest rate of 3-month EURIBOR plus a 1.45% margin and 5-year maturity (final maturity date: April 2025). On April 16, 2020, the loan fully disbursed (EUR 460 million out of EUR 460 million). The loan’s outstanding (principal) amount was EUR 460 million as of December 31, 2020 and December 31, 2021.

Staff comments

1. CNPC-AktobeMunaiGaz JSC (CNPC AMG) is a Kazakh-Chinese joint venture that owns the Zhanazhol, Kenkiyak (pre-salt) and Kenkiyak (post-salt) oil fields in Kazakhstan. It is one of the five largest oil companies in Kazakhstan. In 1997, it was 60.3% owned by CNPC and 39.7% owned by AktobeMunaiGaz (a Kazakh state-owned oil company). CNPC gained its 60.3% ownership stake in CNPC AMG after winning a tender on the privatization of AktobeMunaiGaz in 1997. Then, In 2003, CNPC paid over $150 million to increase its ownership stake in the joint venture to 85.42%. 2. AidData has estimated the all-in interest rate that applies to the loan by adding 1.45% to average 3-month EURIBOR in April 2020 (-0.254%). 3. The 2020 annual report (http://cpf.cnpc.com.cn/cpf/gsnbxx/202105/df43f42362d94811a59a637b2297083c/files/4c05881d6c91435b818f2ce5a8062035.pdf) of CNPC Finance (HK) Limited — the lending arm of CNPC — suggests that it may have issued a loan to CNPC-AktobeMunaiGaz JSC in 2020. This issue warrants further investigation.